For leaseholders considering an extension, understanding condition is important. A condition survey identifies issues affecting the lease value and future liabilities.
Building condition directly affects lease extension cost. Significant repair liabilities generate higher service charges or diminished value.
A survey of common parts identifies deferred maintenance, structural defects, damp, fire safety gaps and components approaching end of life.
Building condition is relevant to the extension premium. Evidence of defects can affect the relativity calculation and support a lower premium.
Unexpected major works contributions after extending, inadequate reserves, ongoing structural problems and fire safety costs.
Not legally required but strongly recommended to reveal condition issues and potential liabilities.
Yes. Evidence of significant defects is a relevant valuation factor.
You will be liable for your share. A survey helps you budget.
Both ideally. Flat survey covers your demise; building survey covers wider liabilities.